Paxful has announced the launch of Paxful Pay. The new tool will enable merchants around the world to receive Bitcoin payments.
Paxful is a P2P Bitcoin exchange platform with a global reach. Paxful Pay will be an e-commerce solution that will allow businesses operating on the platform to sell goods and services and receive bitcoin as payment.
In a press release, the co-founder and COO of Paxful, Artur Schaback, stated that “We’re thrilled to bring Paxful Pay to our global community.” “There is a clear need to offer local options for bitcoin, and this product is a culmination of our efforts to deliver on that demand.
An innovative Tool for Merchants
Paxful Pay is a checkout platform that can be integrated into a merchant’s e-commerce site. With this feature, buyers can make purchases by choosing from the 400 payment methods available. After a buyer chooses a payment method, the proceeds are converted to bitcoin, which is later sent to the merchant’s wallet. Merchants can willingly sign up for this option on the Paxful website.
The Paxful platform will also uphold security for both parties. Transactions will be processed on Paxful’s P2P bitcoin exchange platform that has an escrow system that ensures both the merchant and the buyer uphold their end of the deal. The best thing about the platform is that the merchant will not incur any additional transaction costs from using it.
Once the transaction is complete and the merchant receives payment, they can then authorize the release of goods to the buyer. Merchants can also send bitcoin received as payment into external addresses at a fee of 50,000 satoshis. The tool will also enable merchants to track transactions in real-time, monitor their earnings, and convert assets into fiat currency.
Enhancing bitcoin payments
Paxful Pay will make it possible for bitcoin holders to use the currency to purchase goods and services. The e-commerce checkout feature will allow merchants in different countries to receive bitcoin as a form of payment.
Paxful has more than six million active users who use the platform to purchase and sell bitcoin from any global location. The feature will help demonstrate that bitcoin is a liquid asset that can be used almost the same way as fiat currency.
If the new tool of integrated successfully and accepted by merchants, it will boost the adoption of bitcoin in the long term. It will also create a platform that solely works by enabling bitcoin to be exchanged for goods and services.